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Private equity spending in renewable energy and cleantech firms surged 60% in the first half of this year, although fears are mounting that investment by buyout firms is now set to fall as a result of European governments withdrawing subsidies.

Investment rose to $10.3bn (€8.1bn) in the first half of this year from $6.4bn in the same period last year, according to data provider VB Research. This included $5bn of spending in the second quarter, which was up substantially from $3.4bn between April and June last year. There has been relative stability in renewable energy and cleantech deals, partly because of large government subsidies for energy plants such as solar and wind facilities.